The High Court of Lagos State sitting in Ikeja has cleared businessmen Finami Ayodele and Michael Effiong Udoiyang of alleged N2.7 billion money laundering charges filed by the Economic and Financial Crimes Commission (EFCC). Justice A. Okunuga ruled that the prosecution failed to establish a prima facie case.

The defendants were charged alongside Finami Automobile Ventures and Afolabi Olushola Sunday (‘Asiwaju’), who remains at large. The EFCC alleged conspiracy, stealing, and money laundering between September and October 2021, claiming the funds belonged to Fidelity Bank.

Justice Okunuga held that the prosecution did not provide sufficient evidence linking the alleged N2.7 billion directly to the defendants’ accounts. The EFCC investigator admitted during cross-examination that accounts were identified through analysis of beneficiary accounts, not direct transfers.

The court also noted that Finami Automobile Ventures lacked legal status as a registered company, making it an improper party to the suit. The absence of documentary evidence and statements of account weakened the prosecution’s case.

Relying on judicial precedents, including Famuyiwa v. State and John v. State, the judge concluded that the prosecution did not meet the evidential threshold for conviction. Both businessmen were therefore discharged and acquitted.

During the trial, the EFCC called two witnesses, while the defense filed a no-case submission and relied on the prosecution’s case. The court directed written addresses before delivering the judgment, ultimately ruling in favor of the defendants.